OctaPay Ceases Operations Unexpectedly
In news that has shocked few within the payments industry, the high-risk payment processor OctaPay has vanished, taking its merchant clients’ funds with it. Although it was launched only a few months ago, the company’s websites are now offline, and LinkedIn profiles linked to OctaPay executives, including CEO Madhumita Singh, have been removed.
Leadership Changes and Resignation
Public records from UK Companies House show that Madhumita Singh resigned as a director of OctaPay Limited on March 11, 2021, and is no longer listed as the company’s beneficial owner. Despite stepping down from OctaPay, she remains a director at both PSP Technology Limited and PSP Network Limited.
Alleged Ties to iPayTotal
According to Christian van Biezen, the former CEO Europe for OctaPay—OctaPay was operated by the same individuals behind iPayTotal and was designed as part of a broader fraudulent scheme. iPayTotal representatives, however, have denied any connection to OctaPay. Nevertheless, the weight of circumstantial evidence indicates that van Biezen’s claim may be accurate, suggesting that OctaPay functioned as a branch or affiliate of the struggling iPayTotal network.
Request for Further Information
The Scam-Or Project team continues to investigate OctaPay’s sudden shutdown and its impact on affected merchants. Individuals with relevant information about OctaPay, iPayTotal, or associated persons and companies are encouraged to contact the Scam-Or Project research desk to assist in uncovering further details.
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